Jittery covered bond buyers set more conditional orders

Covered bond investors are setting more conditions on their orders, joining order books later, and limiting tenors they will buy, anxious to avoid buying bonds that will underperform. Despite the picky investor base, Swedbank still raised a €1bn five year at a record tight spread.

  • By Bill Thornhill
  • 15 Feb 2018

Swedbank mandated leads and simultaneously opened order books on Thursday for a benchmark Swedish covered bond due August 2023 with initial guidance of 10bp through.

After 90 minutes, orders exceeded €1bn and, after two and a half hours, when orders had crept up to €1.2bn, the spread ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 2,178.54 9 7.19%
2 Barclays 1,796.79 8 5.93%
3 UniCredit 1,755.37 10 5.80%
4 RBC Capital Markets 1,701.06 6 5.62%
5 SG Corporate & Investment Banking 1,607.59 7 5.31%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 7,786.52 11 9.83%
2 Citi 7,555.38 23 9.54%
3 Wells Fargo Securities 5,887.91 6 7.43%
4 JPMorgan 5,473.47 21 6.91%
5 Morgan Stanley 4,949.43 16 6.25%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Wells Fargo Securities 5,887.91 6 13.85%
2 Citi 5,438.91 18 12.79%
3 JPMorgan 5,372.59 20 12.64%
4 Morgan Stanley 4,639.07 13 10.91%
5 Bank of America Merrill Lynch 2,889.79 12 6.80%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 1,378.34 5 8.96%
2 Natixis 1,277.72 4 8.31%
3 Barclays 1,252.42 5 8.14%
4 LBBW 1,252.06 5 8.14%
5 SG Corporate & Investment Banking 1,183.61 4 7.70%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 131.18 2 17.98%
1 Bank of America Merrill Lynch 131.18 2 17.98%
3 UBS 87.50 1 11.99%
3 Deutsche Bank 87.50 1 11.99%
5 UniCredit 43.68 1 5.99%